February 3 2021
Newly released research from iProov, world leaders in secure biometric authentication technology, highlights that many banks are falling short in delivering digital convenience to their customers.
Online Banking in the U.S.: How 20 of America’s Top Banks Are Balancing Security and User Experience For Digital Account Access focuses on the range and usability of online services offered to existing customers. Researchers looked at 39 data points, including how easy it was for a customer to move money, request a new debit card or change personal details online. The first part of the research, which looked at the onboarding process for opening accounts with each of the 20 banks, was released in October.
The key findings of the new research include:
“Banks no longer need to choose between security and usability when it comes to delivering an impressive online customer experience – the technology now exists to deliver both at once,” said Joe Palmer, President of iProov Inc.
“Genuine Presence Assurance technology has changed the game for the financial services sector. It is now possible to verify that an online customer is the right person, a real person and that they are authenticating right now. That assurance, completed with an effortless face authentication, means that even the most secure processes can be completed online, whether it’s requesting a replacement debit card, changing an address or applying for a new credit card.”
The researchers noted that face verification is already being used by U.S. consumers to access their accounts. Face ID and Touch ID could be used to access the banks’ mobile apps, if supported by the customer’s device.
“Face ID allows the customer to be recognized by the mobile device,” explained Palmer. “The device then populates the password without the customer having to type it in. It’s convenient but it’s not the same as biometric authentication with the bank itself. If the device has been compromised by someone that shouldn’t have access, the bank will still make the transfer or process the request.”
Other findings from the report include:
“Challenger banks and other disruptors in the banking sector have recognized that customers want reassuring simplicity,” said Palmer. “They know that customers value convenience and once they’ve experienced it, they won’t go back. With Genuine Presence Assurance, customers get the reassurance of visible authentication along with the effortlessness that they love.”
Download the report here.